Chevron Corp. and Hess Corp. are both eyeing key annual shareholder meetings next week and more importantly voting related to the former’s $53 billion all-stock offer for the latter. Reason enough for both meetings to rise in importance this year compared to others.

Chevron’s annual meeting takes place on May 29. Hess’ vote is set for May 28.

A decisive voting issue on the agenda for both companies relates to offshore Guyana where Hess now has arbitration ahead of it stemming from claims from Exxon Mobil Corp. and China National Offshore Oil Corp. (CNOOC) regarding their right of first refusal (ROFR) to Hess’ 30% interest in Guyana. Chevron’s interest in acquiring Hess has been widely interpreted as a way for the supermajor to gain access to Hess’ interests in the plentiful oil reserves of the Strabroek Block.

Exxon leads a consortium with Hess and CNOOC that to date has found slightly over 11 Bboe of resources, potentially enough to underpin up to 10 FPSOs. And many analysts believe the resource base could come to double that. It’s unclear which companies — Chevron or Hess and CNOOC — will prevail through arbitration on the matter.

Chevron would also add Hess’ Williston Basin assets to its portfolio.

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